The Seoul Central Customs Authority has begun investigating 33 people involved in illegal overseas cryptocurrency transactions. It is stated that these people were involved in transactions worth 1.5 billion dollars in total. Authorities have already fined 15 people and are prosecuting 14. The remaining 4 suspects will be subject to further investigation.

 

 

33 people made $1.5 billion worth of illegal crypto transactions

The Korea Times recently reported that Seoul authorities have arrested 33 people in connection with crimes related to virtual assets, such as money laundering and fraud. In the past two months, the suspects have carried out illegal offshore cryptocurrency transactions totaling roughly $1.5 billion.

The prosecution claimed that the suspects used another $683.9 million to falsify overseas remittance records while purchasing digital assets abroad.

Individuals used credit cards issued in the Asian country to buy cryptocurrencies abroad with the remaining $83.1 million.

The report revealed that one of the 33 suspects was the owner of a stock exchange company in South Korea. It either transferred or hand-delivered $261.4 million in 17,000 transactions to its overseas client seeking to circumvent the law, through a local cryptocurrency trading centre.

But after profiting more than $4.4 million from this illegal act, authorities caught the man and his three friends. They will be prosecuted en masse for violating the law.

The Korea Times disclosed some of the suspects fined and the extent of the fines.

South Korean authorities discovered that the owner of a Korean company made $8.7 million from overseas Bitcoin trading, which was essentially based on fake invoices. Individuals will face a $10.5 million fine.

Big penalty

In another case, it was stated that a college student had to pay $1.4 million. The investigation revealed that the person earned about $1.7 million after sending $35 million from Korea to a number of overseas accounts. He also falsified student remittance records and lied that the funds were for living expenses and educational expenses in another country.

Seoul officials commented on the news and warned that every resident of the country must abide by existing laws:

“Transfers of virtual assets under the guise of trading, travel or educational expenses are strictly prohibited. Violators will be subject to criminal prosecution or fines.”

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